HF Sinclair Corporation's (NYSE:DINO) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
HF Sinclair Corporation's (NYSE:DINO) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
It is hard to get excited after looking at HF Sinclair's (NYSE:DINO) recent performance, when its stock has declined 13% over the past three months. However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. Particularly, we will be paying attention to HF Sinclair's ROE today.
在查看最近三個月股價下跌13%後，很難對HF Sinclair (紐交所:DINO)的表現感到興奮。不過，股票價格通常受到公司長期的財務表現的驅動，而在這種情況下，前景看起來相當有前途。特別地，今天我們將關注HF Sinclair的roe。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
roe或股東權益回報率是評估公司如何有效地從股東那裏獲得回報的有用工具。簡而言之，它用於評估公司相對於其權益資本的盈利能力。
How To Calculate Return On Equity?
如何計算股東權益報酬率？
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤（從持續經營中獲得）÷ 股東權益
So, based on the above formula, the ROE for HF Sinclair is:
因此，基於以上公式，HF Sinclair的roe爲:
16% = US$1.6b ÷ US$10b (Based on the trailing twelve months to March 2024).
16% = 10億美元 / 16億美元 (根據截至2024年3月的過去十二個月)
The 'return' is the amount earned after tax over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.16.
“回報”是指過去12個月稅後賺取的金額。這意味着對於每美元股東的投資，該公司就會產生0.16美元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
既然我們已經確定ROE是一種有效的利潤生成標準，用於評估公司未來的盈利能力，我們現在需要評估公司“保留”爲未來增長而重新投資的利潤多少，這使我們對公司的增長潛力有了一個了解。一般而言，在其他條件相等的情況下，ROE和利潤留存高的公司，增長率比沒有這些屬性的公司要高。
So far, we've learned that ROE is a measure of a company's profitability. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.
到目前爲止，我們已經了解到roe是衡量公司盈利能力的一種指標。根據公司選擇重新投資或'保留'多少利潤，我們就能夠評估公司未來生成利潤的能力。假設其他條件相同，那些具有更高股本回報率和更高利潤留存的公司通常比沒有這些特徵的公司有更高的增長率。
HF Sinclair's Earnings Growth And 16% ROE
HF Sinclair的盈利增長和16%的roe
To begin with, HF Sinclair seems to have a respectable ROE. Even when compared to the industry average of 18% the company's ROE looks quite decent. Consequently, this likely laid the ground for the impressive net income growth of 37% seen over the past five years by HF Sinclair. We reckon that there could also be other factors at play here. Such as - high earnings retention or an efficient management in place.
首先，HF Sinclair的roe似乎還算可觀。即使與18%的行業平均值相比，該公司的roe看起來也相當不錯。因此，這很可能爲HF Sinclair過去五年37%的淨收入增長打下了基礎。我們認爲這裏也可能存在其他因素，例如高收益保留或有效的管理。
We then performed a comparison between HF Sinclair's net income growth with the industry, which revealed that the company's growth is similar to the average industry growth of 38% in the same 5-year period.
然後，我們對比了HF Sinclair的淨收入增長和行業的增長，發現該公司的增長與同一5年期內18%的行業平均增長相似。
Earnings growth is a huge factor in stock valuation. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. Doing so will help them establish if the stock's future looks promising or ominous. What is DINO worth today? The intrinsic value infographic in our free research report helps visualize whether DINO is currently mispriced by the market.
盈利增長是股票估值的一個重要因素。投資者應嘗試確定預期的盈利增長或下降是否已定價。這樣做將有助於他們確定股票的未來是光明還是黑暗。DINO今天值多少錢？我們免費研究報告中的內在價值信息圖表有助於可視化DINO是否被市場當前定價不當。
Is HF Sinclair Using Its Retained Earnings Effectively?
HF Sinclair是否有效地使用了保留收益？
HF Sinclair's three-year median payout ratio to shareholders is 11%, which is quite low. This implies that the company is retaining 89% of its profits. So it seems like the management is reinvesting profits heavily to grow its business and this reflects in its earnings growth number.
HF Sinclair向股東的三年中位數派息率爲11%，這相當低。這意味着該公司將其利潤的89%留作留存收益。因此，看起來管理層正在大量重新投資利潤以增長業務，在其盈利增長數字中反映出來。
Besides, HF Sinclair has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Our latest analyst data shows that the future payout ratio of the company is expected to rise to 34% over the next three years. Consequently, the higher expected payout ratio explains the decline in the company's expected ROE (to 10%) over the same period.
此外，HF Sinclair至少十年以上一直在支付紅利。這表明公司致力於與股東分享利潤。我們最新的分析師數據顯示，公司未來三年的派息比率預計將上升至34%。因此，較高的預期派息比率解釋了同期公司預期roe (爲10%)的下降。
Conclusion
結論
On the whole, we feel that HF Sinclair's performance has been quite good. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. That being so, according to the latest industry analyst forecasts, the company's earnings are expected to shrink in the future. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.
總的來說，我們認爲HF Sinclair的表現相當不錯。具體來說，我們喜歡公司正在以高回報率重新投資其利潤的巨額部分。當然，這導致公司在其收益中看到了實質性的增長。即便如此，根據最新的行業分析師預測，該公司的收益也預計將在未來縮水。這些分析師的預期是基於行業的基本面還是基於行業預期？單擊此處轉到我們的分析師預測頁面，了解該公司的情況。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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譯文內容由第三人軟體翻譯。